skip to main content
skip to newscasts

Wednesday, May 29, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Trump case expected to head to the jury today; IN food banks concerned about draft Farm Bill; NH parents, educators urge veto of anti-LGBTQ+ bills; Study shows a precipitous drop in migratory fish populations, in US and worldwide.

view newscast page
play newscast audioPlay

Actor Robert DeNiro joins Capitol Police officers to protest against Donald Trump at his New York hush money trial as both sides make closing arguments. And the Democratic Party moves to make sure President Biden will be on the ballot in Ohio.

view newscast page
play newscast audioPlay

Smokey Bear thought only "you" could prevent forest fires, but decomposing mushrooms may also help, a Native American community in Oregon is achieving healthcare sovereignty, and Colorado farmers hope fast-maturing, drought-tolerant seeds will better handle climate change.

Americans Say They Can't Save Enough for Retirement

play audio
Play

Monday, February 24, 2020   

CONCORD, N.H. -- With the 2020 New Hampshire primary in the history books and the field of Democratic Party presidential contenders narrowing, many Americans approaching retirement are assessing where candidates stand on Social Security, pension programs and other retirement options.

The federal government's "Report on the Economic Well-Being of U.S. Households" finds nearly 40% of American households couldn't afford a surprise $400 expense -- which means tires, a medical emergency or even a minor home repair are out of reach.

Casey McCabe, director of the New Hampshire Retirement Security Coalition, says that's a concern, because the U.S. economy depends on retirees having stable financial resources.

"And the ability for them to be secure in their retirement also allows them to go out and support the local and state economy, because they have the income to do so," McCabe points out.

A second study by the National Institute on Retirement Security, says 70% of Americans feel the average worker can't save enough for retirement.

At the same time, pensions -- available mostly to public employees -- have been shown to have a greater impact than other retirement plans in reducing poverty among retirees.

Despite ongoing efforts to reduce or eliminate pension benefits for teachers, other school employees and state and local government workers, McCabe says pension benefits offer the strongest guarantee for retirement income security.

She argues that retirement benefits shouldn't be seen only as an expense, but also an asset -- because every dollar paid out in pension benefits supports $1.40 in total economic activity in New Hampshire.

"The mind set around retirement being an expense really needs to shift, because what is happening is folks are entering retirement with no savings, and then looking around and sort-of saying, 'How am I going to survive?'" McCabe points out.

The report also found 84% of Americans think politicians "are out of touch" with how hard it is to save for retirement.

Last year, New Hampshire lawmakers approved a pension increase 1.5% for state government workers -- the first increase to the pension system since 2010.

Disclosure: National Public Pension Coalition contributes to our fund for reporting on Budget Policy & Priorities, Energy Policy, Environment, Peace. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
Coal production in the Powder River Basin was 50% lower in the first quarter of 2024 than the first quarter of 2014, by about 49 million tons. (Robert Coy/Adobe Stock)

Environment

play sound

A new policy could affect the future of coal mining in the Powder River Basin and in turn, Wyoming's tax structure. The Powder River Basin produced …


Social Issues

play sound

Health care advocates are speaking out against proposed cuts to a California program that provides in-home care aides to low-income seniors and people…

Health and Wellness

play sound

Children's advocates are pressing California lawmakers to pass a bill that would increase oversight on health plans when they deny mental health servi…


Social Issues

play sound

The nonprofit Save the Children is working with child care centers along the Mississippi coast, with plans and tools to help them reopen or resume …

Michigan consistently ranks high as a state for contact volume to the National Domestic Violence Hotline, with the 11th-highest rate in the nation in 2023. (Africa Studio)

Health and Wellness

play sound

Four years after the start of the COVID-19 pandemic, researchers are still studying its effects on society. A new report focusing on domestic …

Environment

play sound

Arizona is already warming up, and a new report sheds light on how climate change is intensifying that heat. Last year, just under 650 heat-…

Social Issues

play sound

Residents of north Texas continue to clean up after the latest in a string of deadly tornadoes. According to the National Weather Service, an EF-2 …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021